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(TRENTON) – Business tax credit legislation sponsored by Assembly Democrats Albert Coutinho, Craig Coughlin, Angel Fuentes and Annette Quijano would help boost New Jersey’s manufacturing industry and create jobs.
“Job creation is a top priority,” said Coutinho (D-Essex), chairman of the Assembly Commerce and Economic Development Committee that released both bills 7-0 on Monday. “We need to do all we can to help the struggling manufacturing industry create jobs that will benefit working class New Jerseyans and drive our economy.”
One measure (A-2474) would allow a 20 percent corporation business tax credit of the costs of manufacturing equipment installed at a facility in this state, and 20 percent of renovation, modernization or expansion of a manufacturing facility in this state.
“As we continue to work our way through this painful recession, job creation is at the very top of our list,” said Coughlin (D-Middlesex). “Whatever steps we can take to offer tax relief and create jobs are smart steps, and that’s what this bill aims to accomplish.”
“Creating jobs and ensuring we have a stable and thriving economic base is vital,” said Fuentes (D-Camden/Gloucester). “Whatever we can in this difficult economy to encourage job-creating businesses to stay and expand in our state is a smart approach.”
The other bill sponsored by Coutinho and Quijano would retain and create jobs for New Jerseyans by providing tax relief to manufacturing facilities.
The bill (A-2977) exempts energy and utility service to manufacturing facilities from the sales and use tax and the transitional energy facility assessment unit rate surcharge.
“Manufacturers are by nature among the largest users of electricity and natural gas, though high energy costs are a major obstacle to manufacturing success in this state,” Coutinho said. “The exemptions provided under this bill are designed to encourage manufacturers to stay in New Jersey and to expand their operations here.”
“This tax relief would save manufacturing facilities approximately 10 percent in taxes assessed against their energy use,” said Quijano (D-Union). “Quite simply, that’s money that can go toward saving and creating jobs in this tough economy, and that’s a win for everyone.”
The bills now go to the Assembly Speaker, who decides if and when to post them for a floor votes.